WEF releases The Future Of Nature And Business Report
In 2020, World Economic Forum (WEF) planned three reports on the New Nature Economy series. The first report, Nature Risk Rising was released in January 2020 and recently on 14th July 2020, WEF has released the second report, The Future of Nature and Business.
About the New Nature Economy Report (NNER) series
The series of New Nature Economy Reports (NNER) is being developed under the umbrella of the World Economic Forum’s work on nature, a platform for committed actors to join up ideas and efforts in the run-up to the UN Convention on Biological Diversity (CBD) COP15 – and in support of the related Business for Nature agenda. The NNER series aims to make the business and economic case for action.
The Future of Nature and Business Report
The Future of Nature and Business is the second in the NNER series of reports and provides the practical insights needed to take leadership in shifting towards a much needed nature-positive economy. The report has been published by the World Economic Forum (WEF) in collaboration with AlphaBeta.
As the world prepares to recover from the COVID-19 pandemic and resulting crisis, we are presented with an unprecedented clarion call, and opportunity, to change the way we eat, live, grow, build and power our lives to achieve a carbon-neutral, ‘nature-positive’ economy and halt biodiversity loss by 2030. Business as usual is no longer an option.
The report highlights the need for a fundamental transformation across three socio-economic systems, which represent over a third of the global economy and provide up to two-thirds of all jobs. These systems are: food, land and ocean use; infrastructure and the built environment; and extractives and energy. Together they drive the threats which endanger almost 80% of the total threatened and near-threatened species. These systems, therefore, have a significant opportunity and responsibility to reverse nature loss. But they also have tremendous upside benefits to gain by embracing this transformation now.
The Future of Nature and Business sets out how 15 transitions across the three systems can form the blueprint of action for nature-positive transitions which could generate up to US$10.1 trillion in annual business value and create 395 million jobs by 2030.
This pragmatic action agenda could pave the way to a nature-positive global economy more resilient to future shocks. Transforming the food, land and ocean use system has the potential to create business opportunities worth almost $3.6 trillion and 191 million new jobs over the next 10 years. Five transitions across infrastructure and the built environment could generate $3 trillion and 117 million jobs by 2030. Capitalising on the COVID-driven surge in demand for flexible working models is a prime example.
The business opportunities linked to transforming the energy and extractives sector are immense. About $3.5 trillion and 87 million jobs could be generated by 2030. In the automotive sector, for example, circular models – maximizing reuse and recycling of materials – could save $870 billion a year by 2030.
Turning business opportunity into nature-positive reality
It is time for businesses to lobby for nature and seize this unique moment of global disruption to make change. With governments facing severe budget constraints and the immediate impacts of COVID-19, it’s vital that business steps up more proactively.
To spearhead the transformation, business leaders should identify the transitions most relevant to their operations and the mix of enablers – including new capital investment and smart Fourth Industrial Revolution technologies – needed to unlock success.
The Future of Nature and Business
About the World Economic Forum
The World Economic Forum, committed to improving the state of the world, is the international organization for public-private cooperation. The Forum engages the foremost business, political and other leaders of society to shape global, regional and industry agendas.